Alan Ralsky gets more than four years
This just in: The Detroit Free Press and the Detroit News are both reporting that Alan Ralsky has been sentenced to over four years for stock fraud involving a pump-n-dump scheme, as well as money laundering.
I previously wrote about Ralsky in June, when I mentioned that he was facing up to 3½ years.
The sentence was even longer than prosecutors had asked for. Prosecutors had recommended leniency based on Ralsky's cooperation, but the judge saw it differently, citing Ralsky's two previous fraudulent schemes.
Prosecutors estimated that Ralsky made between $400,000 and $1,000,000 on the scheme, meaning that there could be as much as $600,000 unaccounted for. The Free Press estimates that Ralsky made $2.7 million, so there could be far more money unaccounted for.
I previously wrote about Ralsky in June, when I mentioned that he was facing up to 3½ years.
The sentence was even longer than prosecutors had asked for. Prosecutors had recommended leniency based on Ralsky's cooperation, but the judge saw it differently, citing Ralsky's two previous fraudulent schemes.
Prosecutors estimated that Ralsky made between $400,000 and $1,000,000 on the scheme, meaning that there could be as much as $600,000 unaccounted for. The Free Press estimates that Ralsky made $2.7 million, so there could be far more money unaccounted for.
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